I want to show you a short video of the upcoming monitoring feature in Race Trainer. The fastest lap and position of each racer is available (data can be sorted). You will have a nice overview of other racers and the distance to other racers is very noticeable:

Wow Pock1910, can I just say thank you - I've just discovered your amazing work and this going to be such a useful App. I can only think that you've received limited response because many like myself were just simply unaware of this. I've literally just worked out the function of it and am seriously impressed. For me this is going to be most useful in analyzing my personal recorded laps and identifying differences with alternate lines taken and the effect on laptime. Personally for me slow chicanes are my nemesis and there's a lot of time to be gained when you hook it up correctly and consequently lost when you get it slightly wrong both during the corner and on exit on following straights. This is going to be such a great tool to identify the best method to tackle things.

In answer to some of your questions:

Any performance issues with the App? Not that I've encountered with my limited use.
Does the automatic track selection works in race mode? Not Tried
Is the usage of distance mode clear? Yes
Does the slow motion mode helps in analyzing the gaps? Yes it's a big help as is the increased speed feature.
Are the recorded AI-Trainer useful for analyzing your own laps? Personally no, I always race with no assists so will be using this for analysis against ghosts from time trial that I've previously checked also run without assists. Even without the telemetry of ghosts from TT the replay line traces and speed adjustment are user friendly enough identify any gains to be had.

Once again thank you, I expect to be using this a lot and good look with the race monitoring feature.

... I always race with no assists so will be using this for analysis against ghosts from time trial that I've previously checked also run without assists...

Unfortunately the information about the used assists is not available in Shared Memory. Therefore I cannot store this information in saved laps. I know this would be an important additional information, but currently it's not possible.